It’s brakes for LaVida Coin — for now

Joe Lee
Datuk Seri Dr Hasmiza Othman, better known as Dr Vida, speaks during an interview at Kuala Lumpur, January 8, 2016. — Picture by Choo Choy May

PETALING JAYA, Sept 11 — Cosmetics millionaire Datuk Seri Hasmiza Othman, known as Datuk Seri Vida, said today she would halt all promotional activities for her cryptocurrency, Lavida Coin (LVC), pending a review by regulators.

The flamboyant personality in an Instagram post said the move was effective for all media platforms until further notice while she cooperated with Securities Commission Malaysia (SC).

“Besides that, I hope that all customers of Lavida (LVC) will stay calm and not be anxious because this notice is only temporary while further perusal is made,” Vida said in a statement.

SC issued a notice last week directing the promoters of LVC to cease all promotional activities immediately, pending further review by the regulator into the matter.

 

 

The expected US$1.5 billion (RM6.15 billion) to be raised from the issuance of LVC is meant to fund three projects, including a new payment gateway named LaVida Pay, a new online entertainment channel with an entrepreneurial focus, and a non-profit construction project to build a Muslim community hub, centred on a new mosque.

Two weeks ago, Bank Negara Malaysia placed VI Profit Galaxy (DSV Cryptoclub & LUX Galaxies), the operator behind LVC, in its financial consumer alert list that included 423 companies.

The move followed the initial SC statement that said that it was scrutinising the newly-launched cryptocurrency for any breach of securities laws. 

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